Joint Venture for Aldurazyme® (laronidase)
In September 1998, BioMarin and Genzyme Corporation (Nasdaq: GENZ) established BioMarin/Genzyme, a 50/50 joint venture to support the development and worldwide commercialization of Aldurazyme® (laronidase) for the treatment of mucopolysaccharidosis I (MPS I).
Until January 2008, the joint venture (JV) oversaw all development and commercialization efforts related to Aldurazyme. At that time, the JV was restructured to allow each party to have direct control over its own operational responsibilities, manufacturing by BioMarin and commercialization by Genzyme. As a result of the restructuring, BioMarin receives a royalty on sales of Aldurazyme, which is intended to closely approximate the amount that it would have received under the old JV structure. The JV continues to manage certain ongoing research related to Aldurazyme.